Bad credit loans are loans products that are specifically created for people with a bad or adverse credit history.
Mostly this is a result of the borrower not being able to meet repayments on a debt including an overdraft, credit card bills, a personal loan or even a mortgage at some time in the past. Consequently they get a bad credit history meaning that they have been identified as someone to whom it is more risky to lend money to.
There are many lenders that offer specifically designed loans for people with adverse credit histories. Anyone can apply for a bad credit loan but your age and employment status will be taken into account before any application can be processed. The minimum requirements are that you are over 18 and employed.
Not all lenders offer these types of loans and you will find that generally bad credit loans have a higher APR. There are licensed lenders, sometimes called sub-prime lenders who will lend to people who are unable to get credit from a high street bank or building society.
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